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PAN Rules Eased For Corporate Assesses
In a notification released by the Ministry of Finance, it has been clarified that PAN and TAN numbers mentioned in the certificate of incorporation which is issued by Ministry of Corporate Affairs (MCA) is "sufficient proof" of PAN and TAN for corporate assesses.
The official release stated, "In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention of both PAN and TAN."
It further recalled, "Finance Act, 2018 amended section 139A of the Income-tax Act, 1961 removed the requirement of issuing PAN in the form of a laminated card. Hence, it is clarified that PAN and TAN mentioned in the COI issued by MCA shall also be treated as sufficient proof of PAN and TAN for the said company assessees."
Inputs from PIB
